L&H Auction’s 2025 Autumn Sale brings together some of the rarest and most culturally significant Pu-er teas ever presented at auction. As antique Pu-er becomes increasingly scarce due to natural consumption across generations, L&H continues its global search for legendary vintages and rediscovered classics—remaining steadfast in its long-standing philosophy of “Greatness Consists in Refinement.”
At the forefront of this season’s highlights is the century-old original stack (7 pieces) of Red Mark Song Pin Hao, revered by collectors as the “Tea King” and widely regarded as the pinnacle of Hao-grade Pu-er in terms of flavour, history, and value. In 2024 Spring, L&H achieved a landmark result when a piece of Red Mark Song Pin Hao was hammered at HKD 3.5 million, setting a historic auction record.
This season’s offering—not only preserved in its complete original stack with outstanding dry-storage condition—marks its first-ever appearance at auction. With its outstanding provenance and condition, it stands as a remarkable contender to set a new “Tea King” record.
A Once-in-a-Century Debut: Red Mark Song Pin Hao
Revered as the pinnacle of Hao grade Pu-er, Song Pin Hao holds an almost mythical reputation among collectors. The superior post-merger Red Mark version—celebrated for its translucent golden liquor, refined returning sweetness, and powerful yet elegant energy—is widely known as the “Tea King.”
For the first time in auction history, L&H presents a complete original stack of Red Mark Song Pin Hao, produced after the 1917 merger of the Song and Yuan families under Qian Li Zhen. Carefully preserved in dry storage, the cakes exhibit thick, lustrous strips from the ancient Six Great Tea Mountains, abundant golden buds, and a distinguished aged aroma. With virtually no original stacks surviving today, this lot stands as one of the most important Pu-er discoveries in recent decades.
- LOT: 150
- A Stack of Song Pin Hao Pu-er Tea Cakes (Red Inner Ticket), 1917-1930
- Estimate Upon Request
A Masterpiece from the Late Qing: Red Mark Qian Li Zhen Song Pin Hao
Another major highlight is an exceedingly rare Late Qing Red Mark Qian Li Zhen Song Pin Hao, a tea that predates the merger of Qian Li Zhen and Song Pin, reflecting the earliest origins of the brand. Established during the Tongzhi era, Gan Li Zhen later rose to prominence under the scholar-official Yuan Jiagu and moved its production base to Yiwu—one of the finest terroirs in Pu-er history.
This century-old cake features a rounded, gently compressed disc, golden-red leaf tones, and a richly matured aroma shaped by more than a hundred years of dry storage. The fruit-based ink and auspicious motifs printed on the stack ticket mirror the aesthetics of early Hao grade teas, elevating the piece to both cultural artifact and collectible. This lot closely resembles Lot 129 from our 17th Auction—A Stack of Extremely Rare and Fine Vintage Song Pin Hao Pu-er Tea Cake, Before 1917—and may serve as a valuable reference.
- LOT: 154
- A Piece of Qian Li Zhen Song Pin Hao Pu-er Tea Cake (Red Inner Ticket), Late Qing Dynasty
- Estimate: HKD 1,500,000 - 2,800,000
The Premium Black-on-White Ticket: Chen Yun Hao
Among the five great antique Hao grade tea houses, Chen Yun Hao is distinguished by its black-on-white ticket—a mark reserved for its highest-tier offerings. This complete original tube—preserved in mild dry or natural storage—contains broad, glossy cakes with a deep and unmistakable aged medicinal aroma.
Despite partial wear on the inner ticket, historical details remain clearly identifiable, confirming its production from Yiwu and Manla old-growth trees using Qing–Republic-era craftsmanship. The result is a silky, chestnut-red liquor with deep resonance and remarkable longevity.
- LOT: 123
- A Stack of Chen Yun Hao Pu-er Tea Cakes (Black-on-White Ticket), Circa 1910s
- Estimate: HKD 5,500,000 - 8,000,000
The Only Original Stack of Red Mark Pu-er
This auction’s sole original stack of 1950s Red Mark Pu-er, preserved in absolutely dry or dry storage, is a crown jewel for Yin grade collectors. With nearly seven decades of natural maturation, the cakes have developed profound strength, pristine camphor notes, and substantial weight—traits rarely found in surviving Red Marks.
- LOT: 126
- A Stack of Early Red Mark Pu-er Tea Cakes, Circa 1950s
- Estimate: HK$ 4,800,000 - 8,000,000
A Grand Line-Up of Hao & Yin Grade Icons
This season features a sweeping range of vintage treasures—from Hao Grade classics such as Jing Chang Hao, Ke Yi Xing, and Jiang Cheng Hao, to Yin Grade favourites such as Red Mark without Wrapping, Big Green Mark, Blue Mark Iron Cake, and more. These are the masterpieces that define Chinese tea history.
- LOT: 147
- A Stack of Green Mark Pu-er Tea Cakes in Large Characters, Circa 1950s
- Estimate: HK$ 1,800,000 - 3,200,000
- LOT: 120
- A Stack of Blue Mark Iron Pu-er Tea Cakes, Circa 1950s
- Estimate: HK$ 1,800,000 - 3,000,000
- LOT: 152
- A Stack of Red Mark Pu-er Tea Cakes without Wrapper, Circa 1950s
- Estimate: HK$ 1,600,000 - 2,800,000
- LOT: 149
- A Piece of Ke Yi Xing Pu-er Tea Brick, Circa 1930s
- Estimate: HK$ 600,000 - 1,000,000
- LOT: 148
- A Piece of Chen Yun Hao Pu-er Tea Cake (Black-on-White Inner Ticket), Circa 1910s
- Estimate: HK$ 650,000 - 1,000,000
- LOT: 122
- A Piece of Jing Chang Hao Pu-er Tea Cake (Small Inner Ticket), Circa 1940s
- Estimate: HK$ 450,000 - 800,000
- LOT: 119
- 2 Pieces of Red Mark Pu-er Tea Cakes, Circa 1950s
- Estimate: HK$ 1,000,000 - 1,800,000
- LOT: 121
- 2 Pieces of Grade A and B Blue Mark Pu-er Tea Cakes, Circa 1950s
- Estimate: HK$ 600,000 - 1,000,000
- LOT: 151
- A Piece of Early Red Mark Pu-er Tea Cake, Circa 1950s
- Estimate: HK$ 600,000 - 1,000,000
Impeccable Mid-Term Pu-er under Ideal Storage
A curated selection of Pu-er tea cakes from the 1970s to 1980s also takes center stage, illustrating the remarkable transformation achieved under ideal storage conditions. Mostly preserved in absolutely dry or dry storage, these teas have matured gracefully, each displaying exceptional aging potential, refined aromatics, and impressive flavour development.
- LOT: 103
- A Stack of 8582 Pu-er Tea Cakes in Thick Wrapper with Commodity Inspection Sticker, Circa 1980s
- Estimate: HK$ 800,000 - 1,200,000
- LOT: 132
- 2 Stacks of 8582 Pu-er Tea Cakes in Thick Wrapper, Circa 1980s
- Estimate: HK$ 1,400,000 - 2,200,000
- LOT: 101
- A Stack of 8582 Pu-er Tea Cakes in Thin Wrapper, Circa 1980s
- Estimate: HK$ 600,000 - 1,000,000
- LOT: 116
- 7 Pieces of Small Yellow Mark Pu-er Tea Cakes, Circa Early 1970s
- Estimate: HK$ 700,000 - 1,300,000
- LOT: 108
- 4 Stacks of 88 Pu-er Tea Cakes, Circa Late 1980s
- Estimate: HK$ 1,400,000 - 2,200,000
- LOT: 102
- A Stack of 88 Pu-er Tea Cakes, Circa Late 1980s
- Estimate: HK$ 600,000 - 1,000,000
- LOT: 129
- 6 Stacks of 7542 Pu-er Tea Cakes in Thick Wrapper, Circa 1980s
- Estimate: HK$ 1,000,000 - 1,800,000
Emerging Rarities in Original Packaging
Complementing the antique selection is a group of seldom-seen vintage teas presented in original case, basket, or rattan wrapping—collectibles that seldom appear on the market today. Each represents a rare opportunity for collectors seeking completeness, provenance, and long-term potential.
- LOT: 182
- 350 Pieces of 92 Pu-er Tea Brick, Circa Late 1980s/Early 1990s
- Estimate: HK$ 2,000,000 - 3,200,000
- LOT: 135
- A Bag of Liu Bao Tea, Circa 1960s
- Weight: Approx. 21kg with packaging
- Estimate: HK$ 900,000 - 1,500,000
- LOT: 140
- A Bag of Qing Mao Loose Pu-er Tea, Circa 1970s
- Weight: Approx. 31kg with packaging
- Estimate: HK$ 600,000 - 1,000,000
- LOT: 139
- An Unopened Box of Fujian Narcissus Tea (9101 Batch), Circa 1970s/1980s
- Weight: Approx. 29kg with packaging
- Estimate: HK$ 600,000 - 900,000
- LOT: 138
- An Unopened Box of Fujian Oolong Tea (SH S101 Batch), 1979
- Weight: Approx. 25.7kg with packaging
- Estimate: HK$ 500,000 - 800,000
LOT: 161
A Box of Aged White Tea, 1992
Weight: 14kg
Estimate: HK$ 400,000 - 700,000
- LOT: 160
- A Box of Aged White Tea, Circa 1990s
- Weight: 14kg
- Estimate: HK$ 160,000 - 220,000
L&H Auction — A Trusted Leader in Vintage Pu-er
As the world’s first auction house dedicated exclusively to Pu-er, L&H Auction has shaped market standards since 2014. With more than twenty Pu-er-focused sales and a consistent sell-through rate around 80%, L&H continues to lead the industry through rigorous expertise, transparent classification systems, and a commitment to preserving tea culture. Leveraging deep knowledge of every curated lot, L&H fosters meaningful interaction between buyers and sellers, providing a trusted platform for exchange while promoting a deeper understanding of the Pu-er market and its cultural significance.
L&H Auction 2025 Autumn Auction
- Auction
- November 30 (Sunday), 2PM
- Preview
- November 28 to 29 (Friday to Saturday), 11AM to 6:30PM
- Nov 30 (Sunday), 11AM to 1PM
- Venue
- 15/F, Winsor House, 311 Gloucester Road, Causeway Bay
About L&H Auction
Deeply rooted in Hong Kong since 2013, L&H Auction strives to offer highly sought-after collectables for diversified collectors under the philosophy of “Greatness Consists in Refinement,” hosting more than 20 auctions with a complete range of vintage Pu-er teas. The sale-through rate has remained high around 80%, surpassing its peers and firmly establishing its leadership position in the Pu-er tea auction industry. While providing professional auction services, L&H also actively engages in the development and promotion of tea culture through omni-channel exposure.
